Sreesanth : Has good pace and good control. A very very good attitude for a fast bowler, and seems to be a real thinker. Isn't just an athlete/cricketer he is also very intelligent, so will help him a lot. Has taken key wickets in his brief career so far. Has been a tad expensive, but has had ALOT of catches dropped early off his bowling. Economy does seem to be improving. Test match career looking very good at this stage, one day spot not cemented but should be soon if he continues.

Munaf Patel : I haven't seen much of him, though he seems decent from what i've seen. I think however people are getting carried away with his pace and bounce at this stage, although he has bowled some very good spells. Im' not sure how long he will be around for.

RP Singh: Very raw, but highly talented fast bowler. If his mindset is right he will become very very good. However as with a lot of the Indian quicks, i fear he may be part of the rotating door policy which has led to the demise of many including Zaheer Khan who i believe is vastly talented.

Pathan: seems very down on confidence, i never really rated his bowling too muhc, but he did surprise early on. I don't think he will ever be a frontline bowler, but could be handy first or second change due to his batting.

Agarkar: Dangerous, but erratic. Certainly has improved, but for how long remains to be seen.

Munaf and Sreesanth will go a long way. Both have pace, control and intelligence; both are hard-working but Sreesanth is a natural athlete unlike Munaf. RP Singh will be a very good change bowler but needs refinement. Pathan could become a great ODI bowler/all-rounder but will be bits-and-pieces in test matches unless he improves consistency and old-ball skills. Kumble is a legend. Harbhajan is world-class and will become even better after he becomes the strike bowler and Kumble retires. VRV Singh has Harmison-esque qualities, could be a handful with some development but not quite at the Sreesanth/Munaf level as he doesn't swing it much.
Agarkar will play the role of mature, economical bowler in the ODI team for 2-3 more years perhaps. Zaheer could make the test side on seaming tracks where only one spinner plays. Nehra can still be a danger in one-day cricket as a change bowler but he'll have a tough time making it back. Balaji's probably done.

Let's look at each bowler, from four points, the way Deano would. Starting with IRFAN PATHAN:

Strengths:

Can swing the ball a lot when it's fresh and new.

Possesses variations in his bowling, and not afraid to bowl the odd bouncer.

The inswinging yorker can get more than a few key wickets.

Early in his career, he's shown a lot of potential, often getting key batsmen such as Steve Waugh, Hayden, Gilchrist and Ponting in his debut series. He's also done rather well against Pakistan in the series that followed.

His batting can allow for an extra bowler, and his fielding is also a big plus.

He's been a leading ODI bowler for India, picking up wickets very regularly.

Not afraid to attack.

Age is on his side, so is body build.

Weaknesses:

Absolutely hopeless when the ball is old.

Struggles when he's got to do the bulk of the bowling, which often happens when the team plays four bowlers.

Not much success agaisnt top teams, especially in Tests.

Lost a lot of pace early in 2005, and with it, his bite.

Often a weak link in the lineup when out of form.

Opportunities:

More experienced and accomplished than the rest of the pacers picked these days, so he'll get more chances.

He's still their top ODI seamer, so they can't discard him from ODI's so easily.

A fifth bowler will reduce the bowling load on him a lot.

Threats:

The revolving-door policy of the team management for seamers, as also the tendency to step backwards, will have him out of the team sooner than later.

Team plans to have him bowlign first-change or second-change will weaken him.

Bad balls will get punished by aggressive batsmen such as Gilchrist and Gayle.

Irfan Pathan: Can swing the ball, but doesn't know what pace is. Really struggling with line, length and accuracy, which have to be your bread and butter if you don't bowl fast. He doesn't have a natural command of those things, so he will suck and be out of the team within a year to year and a half. Oddly enough, he actually has a 'slower ball', which would imply that the other balls in his repertoire are fast. Sadly, this is not the case.

Munaf Patel: Has OK speed, but has to learn how to swing the ball better. He doesn't have express speed so he has to increase the type of deliveries he can bowl. Doesn't seem to be a natural fast bowler, so puts a lot of strain on his body. Most likely will struggle with pace, injuries and accuracy, and will be out of the team within 2 years.

Sreesanth: Has the best pace of the three. Still not express, but enough to make the batsman hurry a little bit. Seems to be more naturally athletic so he might be able to add a few KMs of pace, and some muscle for better durability. Really struggles with the run rates, way too agrressive at times. Also seems to get discouraged easily, as witnessed by a couple spells in WI where he couldn't even complete his runups. MIght stay around in the team for 1-2 years, before gradually falling off.

All in all, the overall rating of the pace attack is D+. The worst in international cricket, or close to the worst. Most likely all three of them will be abandoned as soon as the 'next big thing' in pace comes along, and the process will repeat itself until we get a genuine fast bowling star.